Davy chief hires former AIB colleague to help rebuild trust

Davy’s interim chief executive, Bernard Byrne, has hired a former colleague and head of customer care at AIB to help in his efforts to rebuild clients’ trust in the embattled stockbroking firm in the wake of a bond-trade scandal.

Tom Potter, a former AIB regional director who took charge of customer care in recent years before leaving the bank in early 2020, is understood to have been entrusted to take a key role in dealing with Davy customer grievances after Mr Byrne asked staff two weeks ago to come forward if they know of other situations where clients may have had a reason to complain. Mr Byrne was AIB chief executive for four years up until early 2019.

Mr Potter was with AIB for about 25 years and would have been a familiar figure in recent years at annual general meetings, dealing with shareholders that had issues with how they were treated as customers. By far the biggest customer issue AIB in recent years has been the role it played it the industry-wide tracker mortgage crisis, which has cost the bank more than €600 million in refunds, compensation, administration expenses and a €70 million provision for a likely fine.

Mr Byrne took over as interim Davy chief executive earlier this month after the departure of his predecessor Brian McKiernan in the fallout from a Central Bank investigation into a 2014 bond trade at the firm. He told staff shortly after taking on the job that he was strengthening systems for handling complaints.

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